Hi there,
I think it's worth checking first whether after the update there is a change in the Windows Firewall settings that may prevent the software from running, assuming that you do use Windows Firewall.
My problem has been solved now. I believe I started another thread a few days after this one where there were a few responses. Others have reported similar problems at
Squeezebox : Community : Forums , I believe.
I created the problem as I tried to install the software on a network attached storage and somehow I made it mess.
I removed it from the NAS and reinstalled in on my PC but the problem remained. However, once I removed the squeezebox folder the new installation after that worked fine. Hope this helps and it's not something more complicated.